Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
EURGBP Bearish Pin Bar Update
Today we are looking at the EURGBP bearish pin bar setup that we first discussed in the commentary back on 5/24. This was a very good pin bar setup and now that it has played out over the course of the last couple of weeks lets go over why the setup was a high-quality price action setup.
• The pin bar was with the dominant trend
• The pin bar was very well defined; it had a long upper shadow and the close was lower than the open, and the open and close were in the bottom third of the bar
• The pin bar was clearly rejecting a very strong horizontal level
Here is the chart we posted in our original commentary on this setup back on 5/24:
And here is the updated chart as of today’s New York closing:
To learn more about price action trading click here for some great training videos: Forex trading videos
For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex trading training course.
Commentary:
The U.S. dollar closed mostly higher today against the other major currencies as risk appetite turned negative into the New York session closing.
The greenback lost light ground to the Japanese yen and British pound but managed to post decent against against the rest of the majors.
The Dow lost 112.61 points, or 1.11 percent, the S&P 500 lost 18.70 points, or 1.72 percent, and the Nasdaq lost 34.71 points, or 1.54 percent.
Phil S. said,
June 2, 2010 @ 12:48 pmNice to see price action setup working on this pair. I have found this pair tough to trade in the past.